With its former payments infrastructure, ZoomInfo’s payment collections relied on sending invoices manually and collecting payments via checks, ACH or wire transfer. By relying heavily on cheques and not having fully implemented technology to automate invoice collections, ZoomInfo often needed to wait up to 10 days to be paid by customers, which required its accounts receivable team to run a very time consuming, manual process.
ZoomInfo moved over 90% of its credit card payment volume to Stripe by leveraging Stripe Connector for NetSuite for credit card and ACH payments. The implementation was easy because of Stripe’s intuitive APIs and detailed documentation. “Once the project kicked off, it took two days to integrate Stripe,” said Madison Farnsworth, Senior Manager, Financial Systems at ZoomInfo. “One of the fastest integrations we’ve done at ZoomInfo.”
With Stripe, ZoomInfo emails an invoice and weekly statements to each customer with a payment link directly embedded in the PDF. Each unique payment link brings a customer to its own personalised portal where credit card or bank trust transfer payments can be made. Once the customer pays, the payment transaction is automated and created in NetSuite in real time. When the credit card process clears, the bank deposit record is automatically logged.
With digital invoices, ZoomInfo customers pay invoices faster and are automatically reminded when a payment is overdue. By implementing Stripe, ZoomInfo immediately saw an influx of collections from outstanding invoices and had its biggest cash collection day weeks after launch.
“Our accounts receivable team loves it and our customers seem to love it as well since it makes it fast and easy for them to pay,” said Farnsworth.
By making its payments process entirely digital, ZoomInfo gained full visibility into its cash collections and reduced the 12-15 minutes of data entry per transaction down to 0 minutes for the accounting and collections teams. In one year, Stripe and NetSuite automated tens of thousands of payment transactions for ZoomInfo.
We’ve automated tens of thousands of collections in just the last year, which has led to customers paying us much faster while significantly reducing the manual work and headcount that went into the collections process. The ability to track down overdue statements for the collections team has been instrumental so far.